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President of IMANI Ghana, Franklin Cudjoe, has called on the new Governor of the Bank of Ghana, Dr. Ernest Kwamina Yedu Addison, to as soon possible implement some strategic reforms to boost the capability of the country’s central bank.

“…The banking system needs deep reforms, and he needs to balance carefully how he handles that governance issue without coming across as overly centrally regulating,” he noted.

Dr. Addison was appointed by the President last Thursday after the former governor, Dr. Abdul Nashiru Issahaku resigned, a year after he was elevated to the position. A statement signed by the Director of Communications at the Presidency, Eugene Arhin, said Dr. Addison was appointed “in order not to have a vacuum at the top of such an important state institution.”

Speaking on Citi FM’s news analysis programme, The Big Issue on Saturday, Mr. Cudjoe commended Dr. Issahaku for stepping down and also welcomed the new BoG governor. He further encouraged him to bring his expertise to bare in transforming the financial sector. “I think that the decision accompanying his exit is a welcoming news and I think it sets the pace for Dr. Addison. We will be seeing a governor, in a very long while, who has an understanding of currency management.

It’s a very crucial issue as we speak, and to think that he also understands the financial sector in a way it ought to work, regulation wise. The central bank ordinarily would have needed a strong competitor in that regard, but unfortunately the competitors are weak like SCC.” “So you need a combination of skill, someone who understands governance issues within the banking system because the banking system needs deep reforms, and he needs to balance carefully how he handles that governance issue without coming across as overly centrally regulating.

IMANI’s thinking is that, clearly, with Dr. Addison, we stand a greater chance of seeing a deep financial reforms and so kudos to him,” he added.